Ever since the housing bubble burst in 2008, many US cities have suffered steep declines in housing prices. Homeowners lost enormous amounts of equity and it’s been a rough recovery ever since. However, there are a few cities that have weathered the storm quite well and have not seen the dramatic losses that many others have. So what are the US cities with strong real estate values? Let’s take a look at some of them.
Cities that Suffered the Least Decline in Housing Prices
Among the US cities with strong real estate values, some cities have seen very small declines in housing values since 2008. These cities are not necessarily the best places to go for those looking to speculate in residential real estate, but are great options for those seeking stable housing prices. These US cities with strong real estate values enjoy relatively high quality of housing stock without the sticker shock associated with New York or Los Angeles. The 5 metropolitan areas with the smallest declines in housing prices since 2008 are as follows:
1 – Pittsburgh, PA
The Pittsburgh area has suffered a loss of just $1,100 in its average real estate value. Pittsburgh’s housing values peaked at $111,500 and they currently rest at $110,400.
2 – Rochester, NY
The Rochester area’s real estate values peaked at $122,400 and currently rest close to that number at $120,100. It has been ranked as the area that has been little affected by the housing bubble.
3 – Tulsa, OK
The Tulsa area’s peak home value was $115,800. It’s current home value is $110,800, meaning that a loss of only $5,000 – which is much better than most places, even among US cities with strong real estate values – has been seen in this area.
4 – Fayetteville, NC
The Fayetteville area has seen a loss of $5,400 on it’s real estate values. The prices in this area currently stand at $111,900 – down from a peak of $117,300
5 – Little Rock, AR
The Little Rock area has seen a decline in the average home value of just $5,700. It’s highest value was $126,700 and it’s current value is $121,000.
Cities That are Expected to Recover Well
Some other US cities with strong real estate values suffered steeper losses than those that have been mentioned, but are expected to have a solid real estate rebound. These include the following:
San Jose – Sunnyvale – Santa Clara, CA
This area, also known as the Silicon Valley, has seen a 13.6 increase in IT jobs over the past year. Although the average real estate prices are down 21 percent from their peak, they are expected to rise significantly over the next few years.
Bethesda – Frederick – Rockville, MD
This suburban area of Washington, DC suffered a slide of 18 percent from it’s peak real estate prices. However, an increase in government hiring has benefited the area and prices are expected to climb steadily over the next 3 years.